Bitcoin Network Activity Slows Amid ETF Flows
- Transaction Volume Shift: According to Glassnode, Bitcoin's daily transactions peaked at 734,000 in 2023-2024 but have since ranged between 320,000 and 500,000 since early 2025, indicating muted base-layer participation despite firm price action.
- Active Derivatives Market: Combined open interest in Bitcoin futures and options remains around $96.2 billion, suggesting that the derivatives market is significantly more active than on-chain settlement, reflecting a shift in price discovery to exchanges and leveraged venues.
- ETF Fund Flows: US spot Bitcoin ETFs rebounded to +$358.1 million on April 9, even as the Fear & Greed Index held at 16, indicating extreme fear, which shows that demand for Bitcoin persists despite market caution.
- Stable Fee Market: The current recommended fee for Bitcoin transactions is 4 sat/vB, and while transaction volumes have decreased, the stability of the fee market suggests that price discovery is still occurring through financial wrappers and leverage rather than reliance on scarce block space.
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Technical Analysis for IP
Technical Sentiment Analysis for Story (IP). As of , Story (IP) is exhibiting a Strong sell technical sentiment. Our proprietary analysis, which aggregates 9 technical signals, shows that 2 indicators are flashing buy, while 7 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for IP stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, IP is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Story (IP) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.416 | 0.447 | 0.477 | 0.508 | 0.537 | 0.569 | 0.598 |
| Fibonacci | 0.447 | 0.471 | 0.485 | 0.508 | 0.531 | 0.545 | 0.569 |
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